XCOPY Raised $24M in Just Minutes from the Latest NFT Drop

XCOPY proves that NFT artwork of high value is not going anywhere. The London-based crypto artist launched their “MAX PAIN AND FRENS” NFT drop via Nifty Gateway Thursday. The headline event was the open edition sale for a piece called “MAX PAIN,” which was sold alongside several other more limited pieces. The drop raised approximately $24.4 million. More than $23 million came from the open-edition sale. The sale for “MAX PAIN” opened at 22:30 UTC. Patrons were given a 10-minute window to mint an NFT. There was no limit to the number of coins that could be made. In total, 7,394 NFTs were minted at $3,108 each — the price of 1 Ethereum at the time the sale began. Alongside “MAX PAIN,” two auctions for other more limited XCOPY pieces ran. The first, titled “WASTER,” launched in an edition of six and used a ranked auction system. An NFT was given to the six highest bidders. They ranged from $101,000 to $91,000. Another limited edition piece called “DAMAGER LUXE” used the same auction system, with the top bid coming in at $79,999. Fans who held five NFTs supported on Nifty Gateway’s marketplace could also enter a raffle to purchase one of 24 “GOURMET SPICY” pieces for $1. Additionally, in a follow-up to XCOPY’s last open edition drop, “Afterburn” holders could burn either one or two of their NFTs to receive a selection of other previously unreleased works. “Afterburn” was released for $999 in a five-minute open edition with two other NFTs in March 2021. The drop, titled “TRAITORS,” minted just 1,127 pieces in total, signaling the recent explosion of interest in NFTs. They trade for much more than their initial listing prices, just like other early XCOPY items. XCOPY was among the first to embrace NFTs using Ethereum works as early as 2018. Their unique glitch-based style inspired many other artists. Alongside names like Beeple and FEWOCiOUS, they’re regarded as one of the space’s key figures. While “MAX PAIN” isn’t quite as valuable as XCOPY’s rarer pieces — which can sometimes fetch millions of dollars — The NFTs have already seen a return on investment for those who purchased them. OpenSea’s floor price is currently 1.125 Ethereum. This amounts to approximately $3,559. These NFTs could see higher valuations if they follow the prices for other XCOPY crypto art.

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